Growth of the Cruise Line Industry

The market talks to each other, influences each other.  So progress gets amplified.  The more people who have ocean cruised, the more who will tell others, the more who will want to take an ocean cruise too.

Worldwide, the cruise industry has an annual passenger compound annual growth rate of 7% from 1990 – 2018. Growth strategies to date have been driven by larger capacity new builds and ship diversification, more local ports, more destinations and new on-board/on-shore activities that match demands of consumers.  The industry is also expanding rapidly internationally.  These activities help increase penetration in a core North American market that still has growth potential.  Only 53% of the target North American market (or 24% of the whole U.S. population) have ever taken an ocean cruise.  All the cruise ships in the entire world filled at capacity all year long still only amount to less than ½ of the total number of visitors to Las Vegas

Shipbuilding Summary

A total of 6 new ships were added in 2014 with a total passenger capacity of 17,410.  From 2015 to 2016, 17 more new cruise ships will come online adding 41,162 to world wide passenger capacity, or 9.1%.  The ships from 2015 to 2016 will add $3.4 billion in annual revenue to the cruise industry.

2014 New Ships
Line Ship Date Passengers
NCL Norwegian Getaway Jan-14 4000
Princess Regal Princess May-14 3600
Tui Cruises Mein Schiff 3 Jun-14 2500
Pearl Seas Cruises Pearl Mist Jun-14 210
Costa Cruises Costa Diadema Oct-14 3000
Royal Caribbean Quantum of the Seas Nov-14 4100
Total 17410
2015 New Ships
P&O Cruises P&O Britannia Feb-15 3611
AIDA Cruises AIDAprima Mar-15 3250
Viking Ocean Cruises Viking Star May-15 928
Tui Cruises Mein Schiff 4 May-15 2500
Royal Caribbean Anthem of the Seas Jun-15 4100
Compagnie du Ponant Unnamed Jun-15 264
NCL Norwegian Escape Oct-15 4200
Total 18853
2016 New Ships
Holland America Unnamed Feb-16 2660
AIDA Cruises Unnamed Mar-16 3250
Viking Ocean Cruises Unnamed Mar-16 928
Royal Caribbean Unnamed Aug-16 4180
Royal Caribbean Oasis III Aug-16 5400
Regent Seven Seas Explorer Aug-16 738
Viking Ocean Cruises Unnamed Oct-16 928
Seabourn Cruise Line Unnamed Oct-16 225
Carnival Vista Oct-16 4000
Clive Palmer Titanic II Nov-16 1680
Total 22309

Sources: Cruise Market Watch’s proprietary Cruise Pulse™ and Port Pulse™ databases, Royal Caribbean Cruises, Ltd., Carnival Corporation and plc, NCL Corporation Ltd., Cruise Lines International Association (CLIA), The Florida-Caribbean Cruise Association (FCCA) and DVB Bank.